Crescent Energy (NYSE:CRGY) Hits New 52-Week Low – Here’s Why

Shares of Crescent Energy (NYSE:CRGY) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $7.13 and last traded at $7.27, with a volume of 5185413 shares traded. The stock had previously closed at $7.88.

Wall Street Analysts Forecast Growth

CRGY has been the subject of several recent analyst reports. Citigroup cut Crescent Energy to a “reduce” rating in a report on Wednesday, March 5th. Wells Fargo & Company decreased their target price on shares of Crescent Energy from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, March 24th. Williams Trading set a $16.00 price target on shares of Crescent Energy in a report on Wednesday, March 5th. Siebert Williams Shank started coverage on shares of Crescent Energy in a report on Monday, February 3rd. They set a “buy” rating on the stock. Finally, Stephens reaffirmed an “overweight” rating and issued a $17.00 target price on shares of Crescent Energy in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $17.09.

Crescent Energy Trading Down 7.8 %

The business has a 50 day moving average of $12.32 and a 200-day moving average of $13.39. The stock has a market cap of $1.88 billion, a PE ratio of 11.72 and a beta of 1.88. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12.

Crescent Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 6.61%. The ex-dividend date of this dividend was Wednesday, March 12th. Crescent Energy’s payout ratio is currently -69.57%.

Insider Buying and Selling

In other Crescent Energy news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of Crescent Energy stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $9.91, for a total value of $29,221,844.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael Duginski purchased 20,000 shares of the business’s stock in a transaction on Thursday, March 13th. The stock was acquired at an average price of $10.57 per share, with a total value of $211,400.00. Following the completion of the acquisition, the director now directly owns 259,607 shares in the company, valued at $2,744,045.99. The trade was a 8.35 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 24,932 shares of company stock worth $263,219. 13.20% of the stock is owned by corporate insiders.

Institutional Trading of Crescent Energy

A number of hedge funds have recently added to or reduced their stakes in CRGY. FMR LLC increased its stake in shares of Crescent Energy by 191.1% during the 3rd quarter. FMR LLC now owns 657,337 shares of the company’s stock valued at $7,198,000 after acquiring an additional 431,497 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Crescent Energy by 18.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 172,313 shares of the company’s stock worth $1,887,000 after purchasing an additional 27,279 shares during the last quarter. State Street Corp raised its stake in Crescent Energy by 78.6% during the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock worth $74,285,000 after purchasing an additional 2,986,468 shares during the period. Wellington Management Group LLP acquired a new position in shares of Crescent Energy in the 3rd quarter valued at $21,872,000. Finally, Zacks Investment Management purchased a new stake in shares of Crescent Energy during the 3rd quarter valued at $121,000. 52.11% of the stock is owned by institutional investors and hedge funds.

Crescent Energy Company Profile

Crescent Energy Company acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. Its portfolio of assets comprises mid-cycle unconventional and conventional assets in the Eagle Ford and Uinta Basins. It also owns and operates various midstream assets, which provide services to customers.